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Lehman Weekend Redux?

Tyler Durden's picture


Just hitting the wires from Sky News:

More from Sky News correspondent Ed Conway (via Twitter):

  • G20 now preparing itself for Greek default after October - Sky sources. Will be on Sky News imminently with more
  • G20 sources: all efforts behind the scenes (by G20 members) are now going into recapitalising banks, preparing economies for default.
  • G20 sources: default not expected until after Cannes G20 early November. Emergency funding should still keep Greece afloat thru October
  • G20 sources: No suggestion Greek default need imply country leaving the euro
  • G20 sources: @ Washington summit marked difference in attitude. Confident euro members edging closer to recapitalising banks, expanding EFSF

Looks like the inevitable is coming in about a month.


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Sat, 09/24/2011 - 17:50 | 1706042 Withdrawn Sanction
Withdrawn Sanction's picture

OK. Keep going....then, if the banks go under...?

Sat, 09/24/2011 - 19:22 | 1706189 mayhem_korner
mayhem_korner's picture

Miss Suzie had a sailboat, her sailboat had a sail...

One thing fun about falling dominoes is it conveniently reverse-engineers the money trail.

Sun, 09/25/2011 - 02:35 | 1706843 bluebare
bluebare's picture

the end of civilized commerce, massive shortages of goods and services, worse unemployment, social breakdown, rampant lawlessness, the spectre of mass starvation, the ascendence of fascism, world war, stuff like that

Sun, 09/25/2011 - 03:03 | 1706877 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The banks go under and we are the better for it.  We no longer are affected by usery and we get to keep our production.  Growth becomes abundant in real terms for the common, albeit less volatile.

Sat, 09/24/2011 - 12:13 | 1705240 Sudden Debt
Sudden Debt's picture

Yes, no wonder margins got raised because starting on monday we'll see a hughe run on PM's as the "impossible" just became fact.

It's also pretty clear that they need to supress them a lot more or gold and silver will be the only currency in 1 year.


Sat, 09/24/2011 - 12:19 | 1705263 Hulk
Hulk's picture

Margins were raised as the commercial shorts are in too delicate a position to take any further losses...

Sat, 09/24/2011 - 12:41 | 1705323 gmrpeabody
gmrpeabody's picture

I would guess that they keep raising margins as the price continues to be pounded down. Discourage would be buyers. These are interesting times we live in.

Sat, 09/24/2011 - 13:31 | 1705468 maxmad
maxmad's picture

China says thank you!




It aint going to happen... This is why there is a huge divergence in physical and paper price..

Sat, 09/24/2011 - 16:17 | 1705891 HoofHearted
HoofHearted's picture

I can't find any physical for anywhere near the paper prices. Physical prices are still 40 per ounce or so...if you find better, please let me know. I'd love to pick up a load of Eagles or Maples at a reasonable price.

Sat, 09/24/2011 - 18:29 | 1706104 Pegasus Muse
Pegasus Muse's picture

1oz Silver Rounds, $1.30 over spot.  Min order 100 rnds. 

Tulving has about the lowest premiums for gold.  1oz Kugerrands $28 over spot.

Sat, 09/24/2011 - 19:26 | 1706203 mayhem_korner
mayhem_korner's picture

I would guess that they keep raising margins as the price continues to be pounded down. Discourage would be buyers.

AND shake loose the weak hands for the CBs to scoff up the pickins. 

I agree there will be accelerated margin hikes in order to suppress the risk of currency obsolesence.  Should make things even more volatile.  All of which I find irrelevant as an accumulator.  I just stack and wait.


Sat, 09/24/2011 - 13:44 | 1705511 CH1
CH1's picture

Margins were raised as the commercial shorts are in too delicate a position to take any further losses.

Yes, but they were raised AFTER the big hit.

Who told whom in advance???

Sat, 09/24/2011 - 17:53 | 1706046 Withdrawn Sanction
Withdrawn Sanction's picture

Just out of curiosity, did they raise margin requirements on APPL as it went stratospheric?

Sat, 09/24/2011 - 19:41 | 1706244 nmewn
nmewn's picture

I like the edge on that sword ;-)

Sun, 09/25/2011 - 00:58 | 1706743 chindit13
chindit13's picture

Meaningless comment. Equity margins are a rolling figure based on a percent, as in 50%. Fifty percent works for most every equity, save for Biotech companies with a drug in the FDA pipeline, Chinese IPOs favored by John Paulson, or financial firms recommended by Dick Bove.

Margins in commodity markets are a nominal dollar figure. Margin requirements in commodity markets are raised or lowered depending on a combination of price levels and volatility.  When typical daily H-L movements approach or exceed initial margin, one can expect an increase.

Perhaps the exchanges could consider publishing their model, though I suspect if they did, the pit could run the price to set off the margin hike.  Another idea is to greatly increase initial margin so that it is comparable to what it is in equities.  If they announced that, we would quickly see, without waiting for the CTR, whether the commodity was spec net long or short.

Sat, 09/24/2011 - 12:36 | 1705314 Smiddywesson
Smiddywesson's picture

This display of "power" on the part of the central banks is rapidly becoming a demonstration of how desperate they are.  They have raised margins on gold 55% since August.  Soon they will create a cash market.  Then, game over.  

Next week is looking like another slaughter for paper gold traders.  Get ready to catch that knife in physical, this baby's going to snap back real fast during off hours, my guess is sometime late next week or over the following weekend.  Until then, it's just a guess, but they didn't raise margins again just to leave gold prices to drift back up to $1900.  Batton down the hatches.

Sat, 09/24/2011 - 12:39 | 1705318 spiral_eyes
spiral_eyes's picture

The more margin hikes the better. It means they're desperate, and the endgame is coming.

Sat, 09/24/2011 - 12:59 | 1705366 Long-John-Silver
Long-John-Silver's picture

The paper game is over when margins are 100%. At that point everyone demands delivery of physical PM's.

Sat, 09/24/2011 - 13:03 | 1705375 spiral_eyes
spiral_eyes's picture

They should ban leveraged shorting and see what that does to the price of PMs.

Sat, 09/24/2011 - 14:56 | 1705725 TruthInSunshine
TruthInSunshine's picture

Gold has been leased out so many times over that if even 25% of "owners" demanded physical delivery, there'd be a ginormous scandal revealed to all, to put it mildly.

Silver? Most likely the same thing would be true, but less institutional distress and more industrial supply delivery problems.

Sat, 09/24/2011 - 15:42 | 1705816 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hugo Chavez is only the first to panic.  Imagine when Germany panics and asks the FRBNY for their 4k tonnes!

Sat, 09/24/2011 - 19:07 | 1706156 natty light
natty light's picture


Sat, 09/24/2011 - 21:23 | 1706439 Ganja Jane
Ganja Jane's picture

I disagree that Chavez is 'panicking.' I think he is trying to expose what is happening since 1.) he has a target on his back anyway and 2) He's physically ill with cancer.

Freedom is just another word for 'nothing left to lose.'

I am sure he wants the gold but realistically knows he's not going to get it.

Sun, 09/25/2011 - 03:04 | 1706878 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Nothing wrong with panic.

Sun, 09/25/2011 - 09:33 | 1707209 Ganja Jane
Ganja Jane's picture

I love your commentary, Mr.L.H., even when I disagree. Panic is what gave us the distraction of 'the debt ceiling' drama, bank bailouts, DHS, The Federal Reserve; and how many wars are we (the US) in again?

I prefer a sense of urgency with critical thinking intact; panic puts the hypothalimus in overdrive causing emotions to over-ride the logical thinking needed for critical thinking. That's why these federal fuckers shove 9-11 in our face: 'Never Forget.



Sun, 09/25/2011 - 09:35 | 1707214 Ganja Jane
Ganja Jane's picture

I love your commentary, Mr.L.H., even when I disagree. Panic is what gave us the distraction of 'the debt ceiling' drama, bank bailouts, DHS, The Federal Reserve, etc.; and how many wars are we (the US) in again?

I prefer a sense of urgency with critical thinking intact; panic puts the hypothalamus in overdrive causing emotions to over-ride the logical thinking needed for critical thinking. That's why these federal fuckers shove 9-11 in our face: 'Never Forget.'

Sat, 09/24/2011 - 22:14 | 1706533 delacroix
delacroix's picture

they already requested return, last year

Sun, 09/25/2011 - 03:06 | 1706879 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And they didn't ask nicely enough, apparently.

Sat, 09/24/2011 - 22:03 | 1706519 seek
seek's picture

25%! It would only take less than a tenth of that -- 2% -- demanding physical to cause a crisis. Even 1% could cause enough stress to break paper gold permanently.

When it does eventually break, and it will, it'll be like Fox Mulder said in the X-files movie: the shitstorm of all time.


Sat, 09/24/2011 - 19:30 | 1706215 mayhem_korner
mayhem_korner's picture

The paper game is over when margins are 100%.

Ah yes.  And thus becomes the quandry.  Hike margins and PMs sell off, BUT the shorts get squeezed by the margin hikes, too.  What happens to JPM at 80%, 90% margin if silver is still hovering near $30? 

Cheating is such a slippery slope.

Sun, 09/25/2011 - 12:53 | 1707711 bid the soldier...
bid the soldiers shoot's picture

Ha! The only delivery you're gonna get is a company of Imperial Storm Troopers who pistol whip your dog and leave with all your small appliances.

Sat, 09/24/2011 - 12:57 | 1705357 PaperWillBurn
PaperWillBurn's picture

Bars on APMEX going fast. Don't think the price can go much lower before all the physical is sucked dry

Sat, 09/24/2011 - 13:04 | 1705383 Long-John-Silver
Long-John-Silver's picture

There is so much paper Gold and Silver floating in the market that even if all the Physical Gold and Silver were sold off and delivered it would have virtually no effect on paper market price's. It's only after everyone discovers there is no physical Gold and Silver backing all the now worthless paper that physical Gold and Silver become priced in the market.

Sat, 09/24/2011 - 13:19 | 1705427 PaperWillBurn
PaperWillBurn's picture

And don't you think when the last ounce of physical is bought the still hungry bidders are going to realize there isn't shit out there. They will have to bid physical out of strong hands. This will break the paper market as the gap between paper and reality grows wider and wider.



Sat, 09/24/2011 - 14:13 | 1705605 Abitdodgie
Abitdodgie's picture

If you are a paper trader you know there is no backing , so if the traders keep on trading (because they are compulsive gambelers ) its there own fault when they get wiped out . I mean who is stupid enough to keep buying paper . You can't fix stupid

Sat, 09/24/2011 - 15:44 | 1705819 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This line in the sand you speak of, I think I see it.

Sat, 09/24/2011 - 15:00 | 1705732 Thomas Jefferson
Thomas Jefferson's picture

Just got back from my local coin shop.  Owner sold 100,000 worth of shiny yesterday.  That was a record for him.  He said he didnt have any silver eagles.  I knew he was lying.  He didnt want to sell them at currenct prices.  I offered him 6 bucks over spot and he relented.

Sat, 09/24/2011 - 16:49 | 1705935 snowball777
snowball777's picture

Man are you gonna feel dumb come Monday.

Sat, 09/24/2011 - 18:00 | 1706055 Piranhanoia
Piranhanoia's picture

But not in a few mondays. no sirree.

Sun, 09/25/2011 - 02:51 | 1706861 bluebare
bluebare's picture

Op-Ex is, what, Tuesday? 

Sun, 09/25/2011 - 06:26 | 1707022 BungaBunga
BungaBunga's picture

Yes 30 september. No contracts below 30$ available... However for October a lot of open interest puts in the 15 - 30 range. Not so much calls 15 - 30. Hmmmmm

Sat, 09/24/2011 - 21:07 | 1706098's picture

Man are you gonna feel dumb come Monday.


You can get the jump on him and start feeling dumb right now.

Sat, 09/24/2011 - 18:49 | 1706129 LongBalls
LongBalls's picture

Did you even read the article of the thread you are commenting on?

Sat, 09/24/2011 - 19:28 | 1706208 BigJim
BigJim's picture

Man are you gonna feel dumb come Monday.

He might feel dumb on Monday. But I suspect you'll feel like an asshole the rest of your life.

Sat, 09/24/2011 - 20:21 | 1706340 BurningFuld
BurningFuld's picture

No kidding. How on earth do you think they are going to cover all of this debt? Only one way baby. Print Print Print

Sat, 09/24/2011 - 21:26 | 1706447 Ganja Jane
Ganja Jane's picture

Things are winding up; there's no telling exactly when things are going to snap tho' many of the 'signs' are there like the 25%+ dip in copper not to mention the raising yet again of margin requirements. Buy what you can when you can and GO LONG.

Sat, 09/24/2011 - 17:21 | 1705998 Taku
Taku's picture

End of month PM sale for all of the Fed cronies err friends that missed the PM train.

I don't only hear printers warming up on this side, I can hear them globally this time around.

Sun, 09/25/2011 - 03:08 | 1706882 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

One thousand points of light!

Sat, 09/24/2011 - 13:01 | 1705370 disabledvet
disabledvet's picture

yer back! yeayyyyy! (go long beer! AND BEER HALLS!)

Sat, 09/24/2011 - 12:41 | 1705322 fockewulf190
fockewulf190's picture

Glad I scraped, scrounged and rummaged through all my coats, wife´s old purses, desk drawers, shoe boxes and attic trunks for any and all remaining fiat and bought some more nice and shiny Phyzz at Crazy Eddie prices.....and these PM spot prices are iinnnnnnssaaaaaaane!!



Sun, 09/25/2011 - 09:16 | 1707176 emunah73
emunah73's picture

I think I should stop reading zerohedge for some time. Tonight I had a dream that Dow Jones fell to zero... IN ONE DAY! In this dream I was talking to people on the street and thinking that basically the world as we knew it has ended and future is uncertain. Also I was thinking in disgust that I don't have enough water & food supply at home...

Sat, 09/24/2011 - 13:23 | 1705445 sheeple2012
sheeple2012's picture

They're back to Freedom Fries now in MS cafeteria

Sat, 09/24/2011 - 16:58 | 1705934 Jumbotron
Jumbotron's picture

Earl of Chiswick says.......I hear that the exec dining room at MS has some of the best french fries in town.


Yeah....tastiest Blue Fries of Death in town.  The only french fries you have to press CTRL ALT DEL in order to eat.

Sat, 09/24/2011 - 11:52 | 1705179 B-rock
B-rock's picture

Burn this whole joke to the ground!

Sat, 09/24/2011 - 13:14 | 1705415 BlackholeDivestment
BlackholeDivestment's picture

...alright B-rock, you almost quoted scripture. That is what happens.


Sat, 09/24/2011 - 17:56 | 1706050 Steel_Preacher
Steel_Preacher's picture

Mojo, is the man.

Sat, 09/24/2011 - 12:15 | 1705250 Kyron95131
Kyron95131's picture

Is it just me or is watching news of any sort this day in age tantamount to watching jersey shore with more eloquent attire and extensive vocabulary?..

Sat, 09/24/2011 - 12:24 | 1705279 Awakened Sheeple
Awakened Sheeple's picture

Nope. Even newspapers are filled with fluff to distract people from the truth. So much for journalistic integrity..

Sat, 09/24/2011 - 13:10 | 1705403 krispkritter
krispkritter's picture

'Journalisting integrity' is now an oxymoron. Another term that has gotten twisted by the self-serving, abusive actions of the people they were intended for.

Sat, 09/24/2011 - 14:01 | 1705562 Rodent Freikorps
Rodent Freikorps's picture

Journalistic integrity.

Heh, you win the oxymoron award for the whole week.

Sat, 09/24/2011 - 12:53 | 1705297 Conrad Murray
Conrad Murray's picture

It's not just you. Here is a song you might appreciate(he says exactly the same thing about Jersey Shore and the news). Whether or not it's your standard style musically, I implore all to give it a fair shake, if for nothing else than the lyrical content.

Lupe Fiasco - Words I Never Said:

Sat, 09/24/2011 - 13:25 | 1705454 The Ponz
The Ponz's picture

Incredibly relevant. Thanks for the heads up. Didn't much care for the hook, but Lupe Fiasco's lyrics were on point. Didn't know anyone in mainstream hip hop was addressing those issues so cogently. Will definitely be checking out more Lupe Fiasco.

Sat, 09/24/2011 - 15:49 | 1705831 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Lupe showed up at the Occupy Wall Steet protest last weekend.

Sat, 09/24/2011 - 13:50 | 1705528 Prometheus the ...
Prometheus the Jester's picture

Thanks from me too. Sounds like Lupe is finding his voice, as must we all.

Sat, 09/24/2011 - 14:53 | 1705716 GFKjunior
GFKjunior's picture

Lupe Fiasco still has has solid lyrics but fell off after "Food and Liquor"

Sat, 09/24/2011 - 16:57 | 1705952 snowball777
snowball777's picture

Yes, except the attire is pedestrian and the vocabulary juvenile.

Sat, 09/24/2011 - 12:27 | 1705288 Irelevant
Irelevant's picture

Heating up the printing presses, thats for sure. Fiat and deflation are incompatible, it makes the system implode. If this is about obligations, inflation is the only way to go, you can default without defaulting, you can pay the debts with printed paper, this way you can save face, they will print and print, and there is a lot of room for more printing until TSHTF. The Chinese will buy gold, silver, platinum, coper, whatever works, they know what is coming, the US will hit the debt ceiling in 1-2 months, EUSSR is insolvent, this will be ugly.

Sat, 09/24/2011 - 18:32 | 1705687 TomGa
TomGa's picture

... french fries and some deep fat fried Pork Rinds (Here piggy piggy piggy....)

Sat, 09/24/2011 - 15:50 | 1705835 fonestar
fonestar's picture

Seriously, what is ZH coming to?  I was expecting a "bitchez" comment at the top of the thread (bitchez).

Sun, 09/25/2011 - 05:21 | 1706976 daily bread
daily bread's picture

Sorry .. I'm pretty new to this.  should I say

Fry Them French Bitchez!

.. just doesn't seem friendly.

Sat, 09/24/2011 - 16:12 | 1705884 english serf
english serf's picture

Fuck the french!

Sat, 09/24/2011 - 19:19 | 1706179 Silver Bug
Silver Bug's picture

They will print, until they can print no more. But the end result will be the same.

Sat, 09/24/2011 - 19:46 | 1706260 luna75
luna75's picture


Sat, 09/24/2011 - 11:29 | 1705102 King_of_simpletons
King_of_simpletons's picture

sooner, the better. enough with greece already.

Sat, 09/24/2011 - 12:31 | 1705295 Cursive
Cursive's picture


Minsky Moment.  No denying it.  No stopping it.

Sat, 09/24/2011 - 12:55 | 1705339 Incubus
Incubus's picture

It's kinda like one of those cartoons, where a character gets shot, and you're treated to a drawn-out, dramatic death: just die already. 

No one cares about saving greece through the current system:  man up and default, like Iceland did. 

Sat, 09/24/2011 - 15:57 | 1705849 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I made a movie once where we spent a character just to kill him.  We shot him as he tried to crash the wedding of a member of a mob family and had him cough up blood in slow motion just to prove a point.  In retrospect, some thought we shouldn't have done it, because people didn't "get it"....but you know what, we should have, because it was fucking awesome.

Sat, 09/24/2011 - 16:01 | 1705851 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Shit double post....what to do, what to do................

Crash the fiat ponzi!  Buy silver!

Sat, 09/24/2011 - 18:30 | 1706110's picture
Buffy Death of Pee Wee

Sat, 09/24/2011 - 21:33 | 1706463 Ganja Jane
Ganja Jane's picture

Great TV series as far as 'programming' goes; horrible movie.

Sat, 09/24/2011 - 11:30 | 1705104 goldfreak
goldfreak's picture

if true, might this explain the gold smash? Like the gold smash of August 2008 before Lehman?

Sat, 09/24/2011 - 11:41 | 1705131 Edward Fiatski
Edward Fiatski's picture

Gold smash is CME insider trading. They have all the data on current positions and margin redistribution on GLD & SLV - all they had to do was raise said margin requirment for the cascade to happen. Once the paper is out of the question, physical will retain its value.

That can't happen in FX, due to the amount of independent brokers out there. All you can do is dump a rumour for a 70 pip scalp.

P.S. Although the price is provided by the liquidity holders - banks.

Sat, 09/24/2011 - 11:42 | 1705148 Hearst
Hearst's picture

Spilled out a bunch of Silver on my table in light of the recent smack down.  It's all shiny, weighs the same, and the current Silver to Gold ratio is 53 to 1!  Talk about an under valued asset.

Sat, 09/24/2011 - 11:45 | 1705160 Edward Fiatski
Edward Fiatski's picture

We'll need a lot more silver in our Tomahawk cruise missiles for the coming World War.

Sat, 09/24/2011 - 11:56 | 1705194 Two Towers AU AG
Two Towers AU AG's picture

True that considering the amount of unemployed people around the world... the only alternative will be to hire them in armed forces and then give them work :) :) :)

Sat, 09/24/2011 - 12:46 | 1705332 Darth Silver
Darth Silver's picture

it rubs the silver on its skin, or else it gets the hose again.


ok precious?

Sat, 09/24/2011 - 21:12 | 1706418 Trimmed Hedge
Trimmed Hedge's picture

This is the part I don't get.

If a gold eagle says "50 dollars" and a silver eagle says "1 dollar"... then isn't the intended ratio 50:1 ??


If anything, sounds like silver is slightly overvalued and/or gold is slightly undervalued, per current spot prices.

Please explain.

Sat, 09/24/2011 - 23:51 | 1706662 CompassionateFascist
CompassionateFascist's picture

Those #'s mean N-O-T-H-I-N-G.

Sun, 09/25/2011 - 00:26 | 1706707 Cathartes Aura
Cathartes Aura's picture

"intended" by whom exactly?  anyone we should take into consideration or give a shit about?

Sun, 09/25/2011 - 01:26 | 1706769 UP Forester
UP Forester's picture

You can always bust out the file to get to whatever ratio you want....

Sat, 09/24/2011 - 11:57 | 1705200 Zeroexperience2010
Zeroexperience2010's picture

I beg to differ on the FX aspects, the SNB showed it can change the rate, at an unknown cost ;)

Sat, 09/24/2011 - 13:46 | 1705518 Bendromeda Strain
Bendromeda Strain's picture

With all the requisite insider front running as well...

Sat, 09/24/2011 - 14:21 | 1705623 Edward Fiatski
Edward Fiatski's picture

At least there were fundamentals backing this decision - with EUR going to hell, CHF would've killed the Swiss economy.

Sat, 09/24/2011 - 11:31 | 1705108 No One
No One's picture

so then we'll be down to P.I.I.S.

Sat, 09/24/2011 - 11:35 | 1705123 InconvenientCou...
InconvenientCounterParty's picture

well said.

enough with the replay of 2008 already.

Sat, 09/24/2011 - 11:40 | 1705141 caerus
caerus's picture

that's funny

Sat, 09/24/2011 - 11:43 | 1705150 famousamos
famousamos's picture

iPIS ?

Sat, 09/24/2011 - 13:47 | 1705521 Bendromeda Strain
Bendromeda Strain's picture

Jobs invented his own catheter?

Sat, 09/24/2011 - 11:43 | 1705153 Earl of Chiswick
Earl of Chiswick's picture


But what dimwitted anchor will be the first to read that off of the teleprompter

Sat, 09/24/2011 - 11:52 | 1705178 caerus
caerus's picture

i'm ron burgundy?

Sat, 09/24/2011 - 12:27 | 1705284 Awakened Sheeple
Awakened Sheeple's picture

caerus, thank you, I have tears in my eyes lol

Sat, 09/24/2011 - 17:17 | 1705987 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And I'm George Papandreou.  Go fuck yourself, Germany.  [He stands up]  Nice work everyone.  Sharp broadcast.  Really good.  Everyone on the floor as well.  Really a lot of hustle.  I liked it.

Sat, 09/24/2011 - 12:00 | 1705207 RSloane
RSloane's picture


Sat, 09/24/2011 - 12:38 | 1705315 Temporalist
Temporalist's picture

The new Euro Spa Golden Shower!

Sat, 09/24/2011 - 13:06 | 1705389 Hulk
Hulk's picture

A Euro Cleveland Steamer is a more apt description...

Sat, 09/24/2011 - 11:32 | 1705110 Caviar Emptor
Caviar Emptor's picture

Flash: Greek yogurt sales soar....default averted.....more at 11

Sat, 09/24/2011 - 11:32 | 1705112 lano1106
lano1106's picture

Are Wall Street banks CEO attending the DC meeting?


Sat, 09/24/2011 - 11:33 | 1705115 Ramboy
Ramboy's picture

if everyone defaulted we can only go up from there.  666 rich men would go broke but who cares about them.  default already bitchez.

Sat, 09/24/2011 - 11:34 | 1705117 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Dangerous precedent being set. Gives any other country who is unmanagably under-water (Ireland, Portugal, Spain, Italy) the green light to just default..

... sounds good to me.

Sat, 09/24/2011 - 12:16 | 1705253 disabledvet
disabledvet's picture

"the real contagion"? the first to default wins?

Sat, 09/24/2011 - 13:13 | 1705412 LeBalance
LeBalance's picture

main course: USSA

Sat, 09/24/2011 - 13:28 | 1705459 disabledvet
disabledvet's picture

don't even try then.

Sat, 09/24/2011 - 11:34 | 1705119 InconvenientCou...
InconvenientCounterParty's picture

Vacation to Crete happening in 3,2,1....

Sat, 09/24/2011 - 11:36 | 1705122 caerus
caerus's picture

looks like another boring weekend...good thing football's on

Sat, 09/24/2011 - 11:41 | 1705143 WonderDawg
WonderDawg's picture

Good games on all day, here. I love the emotional swings I experience while watching football and reading ZH. I bounce around from euphoria, to fear, to hope, to despair, to anger, to disgust, and hopefully before I lay down to go to bed, acceptance. Taking inventory of my lead, brass, gold and silver helps with the last part.

Sat, 09/24/2011 - 12:36 | 1705309 o_rly
o_rly's picture

It's the simple people, the bread and circus crowd like you, that is leading to the demise of this country. The sparkling lights of the television, the stupid sports games that enthrall your little mind, keep the U.S. placid and obeying. As long as the TV keeps going with the BIG GAME filled with athletes who don't know your name and could care less who you are, you are happy.


Sat, 09/24/2011 - 12:52 | 1705346 WonderDawg
WonderDawg's picture

Yes, it's the simple people like me who are leading the demise. Because all I do is watch TV. I haven't spent the last several years educating myself on the system, how it works, and how to survive it. No, I've been watching TV. I haven't read numerous books and articles, studied various theories, examined motives. No, I've been watching TV.

Fortunately there are a few like you, who never watch TV, humorless motherfuckers, who will shout at We the Simple to do something. Thanks so much. I'm overwhelmed by your ability to rally We the Simple.

Sat, 09/24/2011 - 12:57 | 1705356 caerus
caerus's picture

he must be a lot of fun at parties

Sat, 09/24/2011 - 12:58 | 1705362 WonderDawg
WonderDawg's picture

LOL I'm a betting man, and I'd wager it's been a while since orly was invited to a party.

Sat, 09/24/2011 - 12:57 | 1705358 gmrpeabody
gmrpeabody's picture

You are WAY to full of yourself (and maybe something else). Lighten up O_rly!

Sat, 09/24/2011 - 13:01 | 1705372 o_rly
o_rly's picture

For every person who is "examining motives" as you put it, there are another 100 stooges with their football jerseys on, staring at the BIG GAME, with buffalo chicken grease dripping down their fat jowls, farting and hollering at the pretty lights and BIG touchdowns, as if it meant anything. They do not read, probably watch some mainstream news (MAYBE) and then get mad when they see their standard of living go down. And yet, the TV is always there, as it should be.

Sat, 09/24/2011 - 13:16 | 1705421 WonderDawg
WonderDawg's picture

You might be right. There are millions of people as you describe, but I don't know the exact ratio. Your mistake was including me in that group. Guy like you, out on the street, could get an ass whipping by accident for popping off like that.

Sat, 09/24/2011 - 14:40 | 1705671 o_rly
o_rly's picture

Haha, if only you knew what the "elite" think of you guys watching professional sports, waiting all week to turn on the TV. Actually, behavioralists and other psychologists have created all sorts of terms to describe this behavior and exploit it, or at least keep the masses subdued. In essence, watching sports and other TV allows people to sublimate their primal desires into socially acceptable outlets. Watching football allows people to turn violent tendencies outward, into rooting for "teams" that mean nothing, represented by cities, even when those players are interchangeable, and often skip to some other team for more money shortly thereafter. In essence, you are rooting for some abstract symbol, and utterly meaningless one in the end.

But your latent desire for violence, and the anger harbored by the lower and middle classes at their predicament is filtered into the emotional display of sports teams "competing" with one another. The earliest and crudest form of this was certainly the Romans using the coliseum to keep the masses entertained.

Beyond sports, these methods have now been introduced to all sorts of media, most notably violent action movies. People can live vicariously through these characters without exhibiting the same violent tendencies in real life. People can live out their violent fantasies without actually acting on them. In the past, these violent fantasies were actually essential for keeping equilibrium between the masses and the elite, and inhibited despots from taking power lest the masses turn on them. In this era of endless entertainment, the masses instead turn inward, seeking solace in mindless entertainment. The elite rest safe knowing this.

As for you kicking my ass, please, this is the internet. Furthermore, just because I don't like watching football I lack humor? That is a tenuous proposition. If you must know, I enjoy playing sports, but only because it confers a benefit, namely exercise. The humorous part for me are all you sports fans who weigh 300 pounds, NOW THAT IS HUMOR.

Sat, 09/24/2011 - 20:12 | 1705706 Dan Watie
Dan Watie's picture

o_rly, it appears that nagging the old lady about watching The Oprah is fine but acting like a total slave fuckin game watching moron is macho or some shit like that. I don't see any diff. They are both ways to dispell energy that could otherwise be used to learn something new.

Sat, 09/24/2011 - 14:50 | 1705707 WonderDawg
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I've think you've nailed it. We live vicariously through the sports teams we've chosen to support. True enough. But you're lumping every sports fan into the category of 300 pound rednecks. Sure, there's a percentage of those people in the population of sports fans, but to say we all fit that description is myopic and misguided. You called me simple, but your tendency to generalize and stereotype is actually the work of a very simple mind. You're easily confused by contradictions to your stereotypes, thus you view the world in black and white.

And I didn't say I was going to kick your ass. I said it's guys like you who go popping off in a crowd who get their asses kicked.

Sat, 09/24/2011 - 15:12 | 1705758 o_rly
o_rly's picture

Of course all sports fans do not fall under the 300 pound moron category. The problem is far too many do. I honestly do not care about the sports watching crowd as long as they also participate in educating themselves in some way. I do not have high hopes though. Maybe I pounced on you in an inappropriate way, at this point I'm really talking about what I feel is the majority of sports fans who have this obsession with teams who could care less about them.

I do not begrudge people who want to blow off some steam, but I think it would be a lot more productive if they went outside and got some exercise rather than sit on their duff watching sports or action movies. Yeah, maybe I sound like a fun-killer, but I actually think exercising or reading is a lot more entertaining than what most people would call "entertainment."


Sat, 09/24/2011 - 16:09 | 1705874 WonderDawg
WonderDawg's picture

Here's the problem with a guy like you, Orly. It's your approach. You encounter something that you believe runs counter to some paradigm you've locked yourself into, and you lash out. People probably see you coming and say, "Aw, hell, here comes that goddam orly fucker. Wonder what kind of conspiracy rant he's going on today?"

Instead, try engaging people and using knowledge, facts, and apply some wisdom in your discourse. It requires patience, I know, I fight the same battles. But with some patience and an intelligent presentation of your argument, you can wear down their preconceived biases and make some progress. There's a lot of reward in seeing the light come on in the eyes of the unenlightened.

Sat, 09/24/2011 - 16:41 | 1705926 AustriAnnie
AustriAnnie's picture

Something tells me that Orly is really a very serious sad character.  We can be focused on what is happening in the world, we can educate ourselves, we can discuss/debate on ZH, we can do what we can to protect ourselves and make a change in the world.

But lets not forget what we do it for.  Really, we do it for the right to enjoy simple things.  Just because someone enjoys watching football or a good movie does not make them ignorant.

And Orly, if you actually followed WonderDawg's comments previously on ZH, you'd see he has spent a lot of time contemplating more than Bud Light, game day, and how loud he can burp at the TV.

Sat, 09/24/2011 - 16:59 | 1705945 caerus
caerus's picture

not to mention the fact that those mindless sports provide jobs for a lot of well as joy and friendship among fellow human beings...sure sports may be a substitute for war...what would you prefer? war?  or do you suggest that people can supress their animal instincts?  i hate arguing with a stranger on the internet but c'mon orly understand that you share this planet with the people you so carelessly condemn...then think about this...there are a lot more of them then there are of you...good happy

edit: btw you're right...most people are morons...we should help them out i think...but thats just my opinion

Sat, 09/24/2011 - 17:03 | 1705966 o_rly
o_rly's picture

Hah, instead of attacking my viewpoints, you attack my lifestyle or character? I am actually quite happy, have a good job, a nice girlfriend, and have a nice amount of money tucked away. I am far from unhappy. But whatever you want to think.

I stand by my point that sports fans are almost always sad and pathetic. There is so much more to life than sitting in front of a TV. In fact, I do not even own one myself. I guarantee I do more interesting things with my life than you do, but maybe not. As of now I'm traveling through Europe with my girlfriend, writing this post in Berlin, drinking good beer with friends I have in Germany, going to museums, and house parties. But yes, my life is miserable! Really!

I do not need some sports team to be happy, trust me.


Sat, 09/24/2011 - 17:15 | 1705989 Dan Watie
Dan Watie's picture

while the crowds cheered, they did this to us!

Sat, 09/24/2011 - 17:21 | 1705999 caerus
caerus's picture

fair enough...enjoy yourself

Sat, 09/24/2011 - 18:14 | 1706077 WonderDawg
WonderDawg's picture

WTF? Talk about attacking lifestyle and character. Read the posts again and see if you can figure out who attacked who.

Have a hefe weizen and tell the barkeep to put it on my tab.

Sat, 09/24/2011 - 23:57 | 1706669 caerus
caerus's picture

you're a good man wonderdawg...a good man

Sun, 09/25/2011 - 00:35 | 1706717 WonderDawg
WonderDawg's picture

Right back atcha, Caerus. Funny how a little light-hearted banter between friends devolved into a raging debate about the decadence and outright irresponsibility of enjoying a few hours watching a football game.

Oh well, I try to keep my exposure to humorless motherfuckers to a minimum, and used up my quota here today. Have a good weekend, my friend.

Sat, 09/24/2011 - 20:49 | 1706389 iNull
iNull's picture

I completely agree with your low estimation of sports fans. It's a self-obvious fact that intelligent people DON'T watch sports. An intelligent person doesn't plop down in front of a plasma and spend the entire afternoon drinking beer, occasionally howling as subgrade morons run a ball up and down the field. In no way shape or form can that be categorized as intelligent behavior.

Unfortunately sports is one those holy grails, like motherhood and apple pie. People will brook no criticism of their bovine weekend religion.

Sat, 09/24/2011 - 22:48 | 1706582 WonderDawg
WonderDawg's picture

Aw, iNull, I'm sorry to see you are one who groups people into one category based on one particular common interest. I thought you were smarter than that. You're an EW guy, which is a theory that stretches the mind beyond the conventional paradigm of causality. But, I guess that's as far as it goes for you. Believe it or not, all sports fans don't spend the entire afternoon drinking beer, etc. I don't drink at all. I don't spend the entire afternoon in front of the plasma. Most of my friends are sports fans, and they don't behave that way, either. We take a few hours a week to enjoy athletic competition. Big fucking deal. Pretty much the rest of the time, I'm preparing for a different kind of world.

Balance is important. I choose to have some balance. I can't live in fear and doom, I try to prepare for the worst and enjoy the day the best I can. That means I have some balance in my activities, one of my activities being enjoying a sporting competition. If you can't understand that, it's you who has the problem, not the sports fans.

Sun, 09/25/2011 - 01:05 | 1706747 Cathartes Aura
Cathartes Aura's picture

Unfortunately sports is one those holy grails, like motherhood and apple pie.

sports, gambling, porn - the three main food groups for men.

failure to partake usually results in being ostracised, or being referred to as the dreaded "pussy" or even worse, gay.

you don't want to mess with the man meme, phew.

seriously though, reinforcing teams/sides/competitive behaviour, how is this not training for loyalty to uniformed "opposition"? how is this not training the mind, from an early age, to defend your team?  throw in some skimpy skanky "cheerleaders" and what's not to love, eh?  things that make the juices flow. . .

Sun, 09/25/2011 - 01:10 | 1706754 WonderDawg
WonderDawg's picture


Sun, 09/25/2011 - 03:00 | 1706872 caerus
caerus's picture

here's a song for you man...tx poet

townes quicksilver daydreams of maria

Sun, 09/25/2011 - 07:05 | 1707034 chindit13
chindit13's picture

I’m a little surprised you did not get your butt handed to you more than you did.  You sound young, and one of the traits of the young is that they think they alone have discovered the secret of life.  Perhaps drinking beer---in Germany, WOW!  Are you the first human in history ever to have done that?---is so much better than watching a football game in the US, but that isn‘t readily apparent to a reasonable man, nor is it the absolute paragon of culture, refinement, or time well spent.  It is merely your choice, no better and no worse that what anyone else decides to do to pass the time from cradle to grave.  Why, there are times when I wish we got football games on TV out here in Rangoon.  Alas, I must live vicariously.  Heck, we don’t even have Doritos to go with the beer!  Guess all I can do is hunker down for the evening with Flaubert and some Earl Grey, not Flutie and Earl Campbell.

The athlete may not care about his fan, as you educated us earlier, but neither the fan nor the athlete---nor you---mean diddly to the species or the planet.  All are equally valued at zero.  Live, enjoy, die.  That’s it.  Pick your own poison, pick your own pleasure.

Now if you singly handedly led a total reformation of Wall Street, the Government, and the monetary system of the US, while curing cancer and walking on Mars in your spare time, mastered fusion, then bested King Lear and Brahm’s First Symphony, plus you are kind to dogs and children, you might be able to stake out some high ground from which to pontificate.  Until then, you are just one of us.  Welcome to the world of the great unwashed masses.

Sat, 09/24/2011 - 18:10 | 1706068 WonderDawg
WonderDawg's picture

Hey, thanks Annie.

Sat, 09/24/2011 - 16:38 | 1705908 Waffen
Waffen's picture

If I could go back in time I would add Sigmund Freud and his Nephew Edward Bernays to the must kill at birth list.


Of course it wasnt as much Freud's fault as much as Bernays using his ideas as a weapon against the people of the world.

1st evil thing he did was convincing women that a woman smoking a cigarette was like lady liberty holding up her freedom torch.   So how many women of the world did he kill with this one piece of propaganda?

Sat, 09/24/2011 - 21:00 | 1706403 iNull
iNull's picture

Joseph Goebells' considered him a public relations genius (ironic given that he was Jewish) and his library contained a collection of Bernays' books and papers. Suffice to say that Nazi speeches and propaganda were heavily influenced by Bernays' methods.

Sat, 09/24/2011 - 13:04 | 1705380 Ich bin ein whatever
Ich bin ein whatever's picture

I hate humorless motherfuckers! 

You don't have to be incredibly stupid to enjoy football.

But it does help.     ;)



Sat, 09/24/2011 - 13:22 | 1705439 WonderDawg
WonderDawg's picture

Right you are, sir! Fortunately, I have the ability to turn my incredible stupidity on and off like a light switch ;-)

Sat, 09/24/2011 - 13:43 | 1705486 quark
quark's picture

Can you turn it off and show us?


Just funnin' ya....

Your 'What-would-Karl-do?' got a response posted:

Sat, 09/24/2011 - 14:43 | 1705685 WonderDawg
WonderDawg's picture

And your response has a response at the same link.

Sat, 09/24/2011 - 23:15 | 1706614 55 men
55 men's picture

I am doing that right now, reading ZH and listening to my football team on the radio. I see Orly's point but he suggests that everyone who likes sports is somewhat worthless. I have never paid for cable, not once, I have enjoyed my six channels, with my antenna ears, in my 11 years of marriage, which I never use unless I watch the occasional King of Queens.

Sat, 09/24/2011 - 13:11 | 1705404 Hulk
Hulk's picture

Actually, Sports is one of the last places one can find good leadership. Tactics are interesting too. Lastly, the distraction is nice for a change, removing one's self from the financial carnage all around us for a few hours a week...

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